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Convertibles Calendar
JUNE 2 WEEK
SOUTHERN UNION CO. (Symbol: SUG): $125 million three-year mandatory convertible equity units, $18.75 million greenshoe; via bookrunners J.P. Morgan Securities Inc. and Merrill Lynch & Co.; co-managers are Credit Suisse First Boston, Wachovia, Credit Lyonnais, Jefferies, Gilford, Wells Fargo, Fleet and Banc One; talked to yield 5.75% to 6.25% with an initial conversion premium of 18% to 22%; $50 price per unit; Wilkes-Barre, Pa. distributor and seller of natural gas will use proceeds to help fund acquisition of Panhandle Eastern Pipe Line Co., to reduce debt and for general corporate purposes; scheduled to price June 5.
ON THE HORIZON
VALERO ENERGY CORP. (Symbol: VLO): $250 million of three-year mandatory convertibles; with $250 million cash, proceeds would go to purchase a Louisiana refinery from Orion Refining Corp., which has filed bankruptcy; timing depends on court approval of the sale.
RECENT SHELF FILINGS
AMERICAN ELECTRIC POWER COMPANY, INC. (Symbol: AEP): $3 billion shelf filed May 23 for senior notes, common stock, junior subordinated debentures, stock purchase contracts, stock purchase units and trust preferreds; Columbus, Ohio electric utility will use proceeds for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/4904/000093041303001743/c28346_s3-.txt
COMMERCIAL NET LEASE REALTY, INC. (Symbol: NNN): $600 million shelf filed May 29 for debt securities, preferred stock, depositary shares, common stock and warrants; securities may be issued as convertibles; includes $89.64 million previously registered but unsold; Orlando, Fla. retail real estate investment trust will use proceeds for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/751364/000095013303002023/w86367s3sv3.htm
ICOS CORP. (Symbol: ICOS): $150 million shelf filed May 27 for common stock, debt securities and convertible debt securities; some securities carried forward from previous shelf registration; Bothell, Wash. pharmaceutical company will use proceeds to fund research and clinical development, to fund commercialization of potential products and for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/874294/000089843003003173/ds3.htm
PXRE GROUP LTD. (Symbol: PXT): $150 million shelf filed May 28 for debt securities, common stock, preferred stock, depositary shares and warrants; securities may be issued as convertibles; Hamilton, Bermuda reinsurer will use proceeds for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/1091748/000112528203003647/b325014_s3.txt
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